Story by Shannon Smith
Courtesy Photo
For a quarter of a century, Lehigh University students have stepped beyond the classroom and into the complexities of real-world commercial real estate through one of the Goodman Center for Real Estate’s most enduring and impactful experiential learning opportunities: the Real Estate Practicum and Collins Family Real Estate Scholarship Competition.
In 2026, the Goodman Center celebrated the 25th anniversary of the competition, marking a quarter-century of intensive property analysis, professional mentorship, industry engagement and student achievement. What began as an ambitious effort to bridge academic learning and professional practice has grown into a signature capstone experience that brings together students, faculty, alumni and some of the most accomplished leaders in the commercial real estate industry.
The milestone anniversary and competition culminated on May 1, 2026, at the New York City headquarters of Savills at 399 Park Avenue, where nine teams of Lehigh students presented months of intensive analysis of prominent Manhattan office properties before more than 35 alumni and industry professionals.
The competition represented much more than a single day of presentations; it was a semester-long process and continuation of a 25-year tradition built around a simple but powerful idea: students learn real estate best when they are challenged to do the work of real estate professionals. –Shannon Smith
From the Classroom to the Boardroom
The Real Estate Practicum serves as a capstone experience for students pursuing Lehigh’s Real Estate Minor. Throughout the semester, students work in teams to analyze actual commercial properties, examining market conditions, property history, physical characteristics, neighborhood context, tenant mix, building operations and financial performance.
Students then undertake the complex process of determining property value using income, cost and sales comparison approaches. They work with industry standard technology and resources, including ARGUS Enterprise and CoStar, to develop technical skills that directly translate to careers in commercial real estate.
But numbers and models tell only part of the story.
Students visited the properties firsthand, engaged with owners and industry professionals, worked with experienced mentors and appraisers, defended their assumptions and ultimately presented their conclusions in a boardroom-style competition before professionals who understand exactly what meticulous real estate analysis requires.
That combination of academic rigor, real-world exposure and direct professional feedback has defined the Practicum for 25 years.
Nine Teams. Nine Manhattan Properties. One Milestone Year.
For the 25th-anniversary competition, nine student teams studied some of New York City’s most recognizable office properties:
1400 Broadway, 520 Madison Avenue, 1285 Avenue of the Americas, 1515 Broadway, 1333 Broadway, 590 Madison Avenue, 10 East 53rd Street, 148 Lafayette Street and One Madison Avenue.
The properties were generously provided for student study through the support of leading alumni industry professionals and longtime friends of the Goodman Center, including Thomas P. Durels ’83 of Empire State Realty Trust; Marc Holliday ’88 of SL Green Realty Corp.; Art Lowenfish ’94 of Tishman Speyer; and Noah ’22 and Jason Barnett of RXR. The participation of these real estate professionals gave students something no textbook could replicate: the opportunity to study actual institutional quality assets in one of the world’s most sophisticated and challenging commercial real estate markets.
Following months of research, site tours, valuation work, mentorship and preparation, all nine teams competed in preliminary rounds. The top three advanced to the final competition:
520 Madison Avenue
First Place
1515 Broadway
Second Place
1285 Avenue of the Americas
Third Place
Each finalist was required to demonstrate not only technical knowledge but also the ability to communicate complex findings clearly, defend assumptions under questioning and perform under pressure; essential skills in the professional real estate industry.
A Community That Shows Up
One of the defining characteristics of the Practicum is the extraordinary involvement of the Goodman Center’s alumni and industry network.
The 25th anniversary competition was generously hosted by Lehigh alumni Craig Lemle ‘74 P’04, Senior Managing Director at Savills North America, and David Providenti ’91, Vice Chairman at Savills. More than 35 industry professionals, primarily Lehigh alumni, served as judges throughout the day.
Participation from Lehigh alumni was only one part of a much larger community effort.
Throughout the Practicum, alumni and industry professionals provide properties for study, open doors to buildings, offer access to information, mentor student teams, share valuation expertise, participate in practice sessions and ultimately serve as judges.
The scale of that involvement reflects something that has become fundamental to the Goodman Center experience: alumni do not simply remain connected to the program, they actively help create the experience for the next generation.
Many former students who once stood before judges as Practicum competitors have gone on to successful careers across brokerage, investment, development, valuation, lending, asset management and other areas of the real estate industry. Some have returned to the program as mentors, judges, speakers, property donors and supporters.
This cycle of participation has helped transform the Practicum into something larger than a course or competition. It is a community.
A Legacy Made Possible by the Collins Family
The Collins Family Real Estate Scholarship Competition is made possible through the generosity of Webster A. Collins ’57 and Harris E. Collins ’91, whose support established an enduring experiential learning opportunity that was designed to connect academic study with real-world commercial real estate practice.
For a quarter-century, that vision has allowed generations of Lehigh students to test themselves against complex properties and market conditions while benefiting from direct exposure to experienced professionals.
The impact extends well beyond competition day. Students leave the Practicum having learned how to research a market, analyze an asset, question assumptions, navigate imperfect information, work effectively within a team and communicate recommendations to sophisticated decision-makers. They also leave with professional relationships formed through months of interaction with alumni and industry leaders. These experiences can influence first jobs and entire careers.
Twenty-Five Years of Evolution
Real estate properties, markets and technology have changed dramatically over the past 25 years.
Students have analyzed development opportunities, office towers, mixed-use projects, hotels, multifamily, warehouses, shopping centers and other unique portfolios. They have studied properties from Bethlehem to some of the most significant buildings in New York City. The tools available to them have evolved, as have the expectations placed on young professionals entering the industry.
The central purpose of the Practicum has remained remarkably consistent.
The Goodman Center was established in 1988 through a major gift from Murray H. Goodman ’48 with a mission to bring together academic study and engagement with real estate practitioners. The Practicum embodies that mission by asking students to apply what they have learned to the uncertainty and complexity of actual real estate.
A previous Lehigh account of the competition described its goal as “bridging the gap between real estate education and the real world of real estate.” Twenty-five years later, that principle remains at the heart of the experience. The difference is the community that has grown around it.
Today, the Practicum benefits from an expansive network of alumni and industry partners who contribute their time, knowledge, properties and professional experience. The result is an extraordinary educational experience that cannot be created through coursework alone.